A non-governmental organisation, Oxfam International, believes 573 people became new billionaires during the COVID- 19 pandemic, at the rate of one every 30 hours.
While expecting this year that 263 million more people will crash into extreme poverty, at a rate of a million people every 33 hours. Accordingly, for every new billionaire created during the pandemic, one every 30 hours, nearly a million people could be pushed into extreme poverty in 2022 at nearly the same rate.
A statement by Gabriela Bucher, Executive Director of Oxfam International.
Bucher said as the cost of essential goods rises faster than it has in decades, billionaires in the food and energy sectors are increasing their fortunes by $1 billion every two days.
The body said: “Profiting from Pain” is published as the World Economic Forum — the exclusive get-together of the global elite in Davos — takes place for the first time face-to-face since COVID-19, a period during which billionaires have enjoyed a huge boost to their fortunes.
“Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes. The pandemic and now the steep increases in food and energy prices have simply put, been a bonanza for them.
Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive.
“Oxfam briefly shows that 573 people became new billionaires during the pandemic, at the rate of one every 30 hours. We expect this year that 263 million more people will crash into extreme poverty, at a rate of a million people every 33 hours.”
